One can certainly raise an objection to the information revealed in the credit report. In fact, it is highly recommended to regularly check the credit report for any inadvertent inaccuracy and errors, because these can adversely impact your credit score and also your ability to raise funds in the future.
Steps to follow to dispute errors on credit report:
Copy of credit report: You’re entitled to one free credit report from CIBIL every 12 months.
Review your credit report: It’s advisable to carefully go through your credit report to look for any mistakes in it such as incorrect personal information, accounts that don’t belong to you, incorrect account statuses, or fraudulent activity.
Supporting documents: Following the review, investor is meant to arrange documentation that supports their claim of errors on the credit report. This could include copies of bills or statements showing correct payment history, identity verification documents, or any other relevant evidence.
Raise an objection: Each credit agency has its own process for disputing errors on your report. You can raise an objection online on its website, by mail, or over the phone. You should give clear and specific details about the error and include copies of any supporting documentation.
Investigation by the agency: After you have filed a dispute, the agency will start the investigation by contacting the creditor or entity that provided the information. They typically have 30 days to complete their investigation.
ALSO READ: Credit score: How long does negative information stay for on your CIBIL report? MintGenie answers
Review the results: After the investigation, the agency bureau will inform you of the results. After the error has been corrected, they will update your credit report accordingly and give you with a free copy of your updated report.
If the error still persists, you will need further action.
And in case the error is not rectified, you may follow up with the credit bureau and give additional evidence.
It’s vital to regularly monitor your credit report and address any errors promptly to ensure the accuracy of your credit information. This can help maintain a healthy credit score and prevent any negative consequences related to inaccurate reporting.
Frequently Asked Questions:
Is it possible to dispute the details on credit report?
Yes, it is possible to raise the objection by following the right procedure.
What is the process of raising the objection?
You can raise an objection online on its website, by mail, or over the phone.
Can debt consolidation affect credit utilisation ratio?
If you use a debt consolidation loan to pay off multiple debts, your overall credit utilisation ratio may decrease, thus positively impacting the credit score.
Does checking your credit report affect your credit score?
A short answer is, it does not. In fact, it is advisable to keep checking the score from time to time for accuracy.
Why should you keep credit card balance low?
Maintaining low credit card balances relative to your credit limit is likely to impact your credit score positively.
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Published: 12 Mar 2024, 10:49 AM IST